At the event

Delivering the report on April 25, Minister of Finance Ho Duc Phoc said that last year, the Prime Minister and ministries, sectors and localities had applied comprehensive measures to facilitate resources for socio-economic development.

Despite difficulties, Vietnam recorded economic growth of 2.58 percent, while completing seven out of its 12 socio-economic targets, with State budget collection reaching 16.4 percent of the target, he said.

Particularly, the PM and the Government directed ministries, sectors and localities to take drastic efforts to cut at least 50 percent of spending on the organisation of conferences and working trips, along with a 10 percent cut to other expenditures. The Government proposed the use of over 14.6 trillion VND (635.2 million USD) saved thanks to these cuts in 2021 for COVID-19 prevention and control.

In 2021, the total saved by the State budget reached over 72 trillion VND, according to the report.

Regarding the management of public debts, last year, public debts accounted for 43.3 percent of GDP, while Government debts made up 39 percent of GDP and the country’s foreign debts about 21.7 percent of GDP.

N.A. Chairman Vuong Dinh Hue speaks at the event

The official said positive results were seen in the implementation of thrift practice and waste prevention as well as resolutions in the field.

He said that this year, the Government will prioritise resources for COVID-19 prevention and control in harmony with socio-economic development, while tightening financial-budget discipline to maximise income and minimise spending.

Delivering a verification report, Vice Chairwoman of the N.A. Finance-Budget Committee Pham Thuy Chinh pointed to a number of shortcomings in the Government’s performance in thrift practice and wastefulness prevention, including the slow issuance of an overall programme in the field.

N.A. Chairman Vuong Dinh Hue asked the Government to clarify its detailed limitations and shortcomings for discussion, especially those in public investment and national target programmes.

N.A. Vice Chairman Nguyen Duc Hai underlined the need to specify measures to promote thrift practice and wastefulness prevention and control, focusing on adjustments to related laws and regulations.

The N.A. Standing Committee asked the Government to listen to these ideas as it completes its report.

Source: VNA